Corgenix Medical Corporation (Corgenix), a developer and marketer of diagnostic test kits, has reported net sales of $8.1 million for the fiscal 2009, down 3.6%, compared with the net sales of $8.4 million in the previous year-end. It has also reported net loss of $1.57 million, or $0.05 loss per share, for the fiscal 2009, compared with the net loss of $2.1 million, or $0.09 loss per share, in the previous year-end.
Total operating expenses decreased $107,869 or 2.2% vs. the prior year.
Operating loss for the fiscal year was $349,490 vs. an operating loss of$602,279 for the prior year.
“While we were pleased with the improvement in operating income, net income and EBITDA this year due to our aggressive expense control program and the improvement in cost of goods, we were obviously disappointed with the decline in revenue,” said Douglass Simpson, President and CEO of Corgenix. “In addition to the reduction of revenues from our contract manufacturing sector as previously reported, much of this was due to the impact of the overall global economy on our customers around the world as they tightened their expenditures and reduced their inventories.”
Simpson continued, “On the positive side, we will continue with our own belt-tightening as we move into the new fiscal year, and with the planned reduction in interest charges, will continue on the path to sustained profitability.”
The company also indicated that it expects sales for fiscal 2010 to renew its previous growth trend.